Final Report 2015 · 2017-01-17 · Opteon Property Group Opteon (South Coast NSW) ABN 37146336530 P 02 4472 9904 E [email protected] F 02 4472 9055 W VALUE MADE VISIBLE Liability

Final Report 2015 Eurobodalla Shire

Opteon Property Group

Opteon (South Coast NSW)

ABN 37146336530

P 02 4472 9904 E [email protected]

F 02 4472 9055 W www.opg.net

VALUE MADE VISIBLE

Liability limited by a scheme approved under Professional Standards Legislation

FINAL REPORT 2015

EUROBODALLA LGA – 2015 BASE DATE

Contract No. 8480887

Date 10 November 2015

Prepared By Calvin Rogers

Opteon Property Group | VALUE MADE VISIBLE Page 3

1.0 Executive Summary

1.1 LGA Overview

1.11 Eurobodalla:

Eurobodalla Shire stretches for approximately 110kms along the east coast of NSW from South Durras in the

north to Akolele at its southern boundary. The Shire extends in a westerly direction from the coast encompassing

parts of the Clyde Mountain then heads south through the National Parks and State Forest to the Bega Valley

Shire. Approximately 80% of Eurobodalla is National Park and State Forest.

1.12 Number of Valuations:

The Eurobodalla Shire LGA comprises Residential, Rural, Commercial, Industrial, Infrastructure, Tourism,

Environmental, Public & Private Recreational, Waterways, National Parks / Nature Reserves and Forestry zoned

land.

Approximately 23,906 properties were valued at the Base Date of 1 July 2015. Valuations provided are reflective

of the property market at that time.

1.13 Year of LGV:

The prior Base Date was 1st July 2014.

1.14 Year of LTV:

Base Date 1st

July 2015.


1.15 Total Land Value:

Zone Zone Code (s)Number of

Proeprties

BD 2015 Total Land

Value

Prior Annual

Valution (2014)% Change Prior LGV (2014) % Change

Residential R2, R3, R5 17,588 3,422,119,430.00$ 3,347,408,500.00$ 2.23% $3,347,408,500.00 2.23%

Village RU5 308 37,127,350.00$ 35,458,560.00$ 4.71% $35,458,560.00 4.71%

Rural RU1, RU2, RU4 1,119 332,502,090.00$ 325,582,810.00$ 2.13% $325,582,810.00 2.13%

Commercial B1, B2, B4, B5 428 191,771,180.00$ 192,894,980.00$ -0.58% $192,894,980.00 -0.58%

Industrial IN1, IN2, IN4 286 81,009,200.00$ 80,912,200.00$ 0.12% $80,912,200.00 0.12%

Infrastructure SP1, SP2, SP3 108 25,047,460.00$ 24,867,660.00$ 0.72% $24,867,660.00 0.72%

Environmental E1, E2, E3, E4 2,882 755,471,040.00$ 742,455,880.00$ 1.75% $742,455,880.00 1.75%

Recreation RE1, RE2 197 60,431,240.00$ 60,431,240.00$ 0.00% $60,431,240.00 0.00%

Waterways W1, W2, W3 102 1,854,520.00$ 2,055,820.00$ -9.79% $2,055,820.00 -9.79%

Deferred Mattered A, 0,R 888 216,633,040.00$ 216,055,830.00$ 0.27% $216,055,830.00 0.27%

23,906 $5,123,966,550.00 $5,028,123,480.00 1.91% $5,028,123,480.00 1.91%

Properties Valued and Total Land Values

TOTALS


1.2 State & Local Government Legislation for the LGA

The Eurobodalla Shire Council’s Local Environmental Plan 2012 was gazetted on the 20th July 2012 which

fundamentally replaced the Eurobodalla Rural Local Environmental Plan 1987 and Eurobodalla Urban Local

Environmental Plan 1999. However, 888 properties still remain identified as ‘Deferred Matters’ and hence the

Eurobodalla’s LEPs 1987 & 1999 will continue to apply to these properties, up until the Department of Planning

& Environment approve the planning proposals. A draft rural lands strategy is currently on exhibition until 27th

November 2015. The strategy proposes new zonings and minimum lots sizes for Eurobodalla’s rural lands,

allowing some owners to subdivide their rural property while protecting the Shire’s better agricultural land. The

Eurobodalla Shire Council are striving to have the final strategy adopted in February 2016 following the review

of submissions received. However, recent media releases confirms that land owners remain at large

despondent with the draft strategy.

The Eurobodalla LEP 2012 has had 4 amendments to the LEP since the precious valuation. The current version is

for 15 July 2015 to date.

1.3 Market Overview and Sales of Particular Interest

The 1.91 % positive change in valuation totals between Base Date 01/07/2014 and 01/07/2015 is a continuation

of the previous year’s trend and is attributed to a number of factors including the stabilisation and regained

market confidence across the majority of property sectors, low interest rates and supply meeting demand.

On balance, the majority of property values continue to achieve prices within the expected range, however, as

2015 progressed small increases in values were noted and most evident in the residential, villages and small

rural holding sectors. A large portion of the commercial components were verified during base date 2015 which

resulted in a small reduction in total values however as a whole the commercial sector in the major townships

i.e. Batemans Bay, Moruya and Narooma have seen values steady. The industrial market is only small and has

seen a relatively steady 12 months when reviewing the entire shire; however there has been some renewed

confidence in the Batemans Bay industrial precinct.

During the 2014/15 period the Eurobodalla verification program has continued with our office completing the

required verification as stipulated under the contract. Our research of sales throughout the year to assist our

verification program has resulted in minimal large percentage movements throughout standard residential land

values. Most standard residential components had less than 10% movement with the majority ranging between

0% and 5% adjustment.

Overall, those components that had sufficient sales to enable land values to be realigned with the market have

been verified in most cases. Those components whereby there have been insufficient arm’s length sales to

accurately factor have had a conservative adjustment applied, or a factor of 1.00, to previously assigned values.

It is anticipated that over time, as further sales become evident, land values can continue to be accurately

aligned with rated values.


Opteon (South Coast NSW) Pty Ltd undertook significant analysis across all property sectors throughout the

Eurobodalla Shire. The following sales analysis has been completed between 01/09/2014 to 28/08/2015 to

establish component movements, grading & verification of land values throughout the shire as at 1 July 2015;

Zone Number of Sales Analysed

Residential 620

Village 14

Rural 29

Commerical 17

Industrial 18

Infastructure 1

Environmental 85

Recreation 2

Waterways 0

Deferred Mattered 32

Total 818

The sales analysis completed by Opteon (South Coast NSW) Pty Ltd are delivered to Land and Property

Information an on continuing basis throughout the contract year.

Sales analysed prior to or after 01/07/2015 can be adjusted to reflect market movement if required. Opteon

(South Coast NSW) Pty td decided not to adjust the analysed sales based on median price movements and the

limited resales available.

While the analysis of vacant land remains the primary source of evidence utilised to gauge market movements

and property values, in instances whereby vacant land sales are scarce and or at an oversupply, improved sales

are analysed to provide a residual land value. Opteon (South Coast NSW) Pty Ltd undertakes this process by

using the Paired Sales Approach. Examples of our paired sales analysis can be found in Section 8 of this report. It

has proven that in the older more established suburbs, the older fibro clad dwellings are adding nearly the same

value on a $/m² basis as what the newly erected residences do in the more recently developed suburbs.

Analysis of both the older and newer suburbs require substantially different paired sales to assess the real value

of the land. Similarly, cliff top/water front properties have similar values applied to improvements on a $/m²

basis irrespective of the construction age, quality or material.


1.4 Significant Issues and Development

There have not been any significant developments and or applications that would not normally be permissible

under the applied land zonings. However matters of interest for land owners are as detailed as follows;

Deferred Matter Zonings:

The Eurobodalla Shire has identified approximately 850 – 900 properties under the Eurobodalla LEP 2012

as a “Deferred Matter”. During the course of the Draft LEP’s exhibition these properties were under

severe scrutiny from members of the public and the media alike. The negative public response on these

properties lead to meetings with Department of Planning by large numbers of concerned land owners,

local public members being contacted and petitions being created across the shire in an attempt to stop

the gazettal of the LEP. As a consequence of this negative attention, the end decision by council was to

defer the future zoning of these lands until a committee could be created to make a final decision. In the

interim these properties will continue to fall under the zonings identified in the prior LEP, however,

discussions with land owners have advised that attempting to develop these parcels currently is proving

more difficult than previously.

Due to these events the properties that have been identified as a “Deferred Matter” now have a level of

uncertainty surrounding them making the market movement and value of these properties ambiguous.

Eurobodalla Council resolved that the proposed E3 zone and overlays should not be included in the

Eurobodalla LEP. Due to the community backlash the proposed E3 zone was changed to Deferred Matter

when the new LEP was gazetted.

As it stands there are 888 properties that remain identified as ‘Deferred Matters’ and hence the

Eurobodalla’s LEPs 1987 & 1999 will continue apply to these properties, up until the Department of

Planning & Environment approved the planning proposals. A draft rural lands strategy is currently on

exhibition until 27th November 2015. The strategy proposes new zoning and minimum lots sizes for

Eurobodalla’s rural lands, allowing some owners to subdivide their rural property while protecting the

Shire’s better agricultural land. The Eurobodalla Shire Council are striving to have the final strategy

adopted in February 2016 following the review of submissions received. However, recent media releases

confirms that land owners remain at large despondent with the draft strategy.

Broulee Planning Proposal & Draft Concept Plan:

The Eurobodalla Shire Council and the land owners of the Broulee development have commenced

working together on a draft concept and planning proposal following the Broulee Bio- certification

Agreement being signed off by the Minister of Environment.

Council endorsed the draft Planning Proposal for a Gateway Determination from the Department of

Planning and Environment. The site is approximately 35 ha bounded by George Bass Drive, Broulee Road

and Train Street. The draft planning proposal remains with the Department of Planning and Environment

and once the determination has been received and before finalising the proposal, the Eurobodalla Shire

Council plans to consult with NSW Agencies and the community, reviewing all feedback and

consideration. Depicted below is the subject parcel and proposed draft planning maps.


Source: www.esc.nsw.gov.au

http://www.esc.nsw.gov.au/









Rising Sea Level Policy:

The “Rising Sea Level Policy” has continued to effect values in BD 2015 however it appears again to have

been less than prior years. Since the Stage Government pushed this issue back to local councils in

September / October 2012 the Eurobodalla Council in 2014 adopted an ‘Interim Coastal Hazard Adaption

Code’ until such time the Eurobodalla Coastal Zone Management Plan is completed. Council is currently

working with the State Government in preparing the Eurobodalla Costal Management Plan. Despite this

uncertainty, purchasers appear to be more comfortable with the policy than prior years, but are still

taking it into consideration when compared to properties not located in these areas.



The issue however continues to make headlines within the media and receives negative community

backlash from property owners whom are of the belief that property values have significantly been

affected.

1.5 Significant Value Changes

1.51 Summary of Valuation Changes to Residential Land:

Changes since Previous General Valuation (2014) & Previous Valuation Year (2014):

The majority of property values continue to achieve prices within the expected range, however, as 2015

progressed small increases in values were noted and were most evident in the residential, villages and small

rural holding sectors. Sales volumes across the shire have increased during the past 12 months showing slight

increases in property values.

The lower end of the residential & village property market continues to prove to be the best performing part of

the market catering to both owner occupiers and investors. With the median weekly income per person being

$424 and for a family $939, properties priced at below $350,000 remain affordable. Therefore the lower price

bracket has seen higher sales volumes and steadied values or some slight increases. The middle section of the

market with properties between $350,000 and $500,000, as well as the upper end of the market (above

$500,000), has also seen higher sales volumes with values relatively steady in BD 2015.

As the year progressed new sales evidence of clifftop and good quality ocean views properties came to light,

providing differing market movements to that of the rest of the market place. Pockets of properties in areas

such as but not limited to Sunshine Bay, Surf Beach & Malua Bay either in a clifftop position or that of good

ocean views provided between 5-10% decreases in values and hence properties values within these areas were

reduced to reflect this.

Overall, residential & village values at the end of the 2014/15 financial year have provided a slight increase in

total values when compared to commencement of the financial year. It was positive to see increased demand

and a higher volume of sales continue throughout 2015.

1.52 Summary of Valuation Changes to Rural Land:


The rural market along the southern NSW coastline is divided into 2 distinct categories – “Lifestyle” and

“Working” properties. “Lifestyle” properties generally comprise R5 and smaller coastal positioned RU4

holdings. This part of the market continues to trade with a permanent part of the employed and retired

population opting to reside close to suburbia with the benefits of a rural lifestyle.

The rural market has remained steady with some areas seeing slight increases in value. The larger properties

have seen a very low volume of sales with only 2 properties above 100ha selling across the Shire and 6

properties between 50ha and 100ha. Albeit, a low transaction rate it should be noted that these numbers are

an increase on the prior 12 months.

Rural small holdings properties have seen been pockets of growth and increasing demand attributing to the

increase of 2.13% in property values for the 2-10 ha property sector for the shire. A total of 63 genuine market

sales transacted during base date 2015.


1.53 Summary of Valuation Changes to Commercial Land:


A large portion of the commercial components were verified during base date 2015 which resulted in a small

reduction in total values however as a whole the commercial sector in the major townships i.e. Batemans Bay,

Moruya and Narooma have seen values steady. The falling values as a result of the GFC appear to have slowed

with sufficient sales and leasing activity showing a steady market in general. In the entire shire there have been

13 business zoned / commercially operated Freehold Torrens Title sales and 12 Strata sales in the past year.

The highest price for a Freehold property was $3,330,000 and a Strata property at $910,000. The majority of the

sales occurred within the Batemans Bay and Narooma townships.

1.54 Summary of Valuation Changes to Industrial Land:


The industrial market is only small and has seen a relatively steady 12 months when reviewing the entire shire.

Base date 2015 provided a total of 14 freehold industrial sales within the shire and 7 Strata sales. The highest

price achieved was $750,000 for an industrial factory in Dalmeny. The vast majority of the sales that occurred

were in Batemans Bay which showed a renewed confidence in this area.


Table of Contents

1.0 Executive Summary ................................................................................................................................. 3

1.1 LGA Overview .......................................................................................................................................... 3

1.11 Eurobodalla: ............................................................................................................................................ 3

1.12 Number of Valuations: ............................................................................................................................. 3

1.13 Year of LGV: ............................................................................................................................................. 3

1.14 Year of LTV: ............................................................................................................................................. 3

1.15 Total Land Value: ..................................................................................................................................... 4

1.2 State & Local Government Legislation for the LGA .................................................................................... 5

1.3 Market Overview and Sales of Particular Interest ..................................................................................... 5

1.4 Significant Issues and Development ......................................................................................................... 7

1.5 Significant Value Changes .......................................................................................................................12

1.51 Summary of Valuation Changes to Residential Land: ...............................................................................12

1.52 Summary of Valuation Changes to Rural Land: ........................................................................................12

1.53 Summary of Valuation Changes to Commercial Land: ..............................................................................13

1.54 Summary of Valuation Changes to Industrial Land: ..................................................................................13

2.0 Purpose of this Report – Disclaimer .......................................................................................................16

3.0 LGA Overview.........................................................................................................................................17

3.1 Location of the District ............................................................................................................................17

3.2 Principal Towns.......................................................................................................................................17

3.3 Main Industries .......................................................................................................................................18

3.4 Significant Retail Centres ........................................................................................................................18

3.5 Type of Residential Development ............................................................................................................19

4.0 State & Local Government Legislation for LGA .......................................................................................20

4.1 Current Zonings ......................................................................................................................................21

5.0 Market Overview & Sales of Particular Interest .....................................................................................22

5.1 Residential ..............................................................................................................................................22

5.2 Villages ...................................................................................................................................................24

5.3 Commercial & Industrial .........................................................................................................................24

5.4 Rural .......................................................................................................................................................25

6.0 Significant Issues & Developments .........................................................................................................26

6.1 Significant Issues – From Prior to Current Annual Valuation:....................................................................26

6.2 Significant Developments – From Prior to Current Annual Valuation: ......................................................26

7.0 Significant Value Changes ......................................................................................................................28

7.1 Significant Value Changes – From Prior to Current Annual Valuation .......................................................28


8.0 Paired Sales Analysis ..............................................................................................................................29

9.0 Statistical Analysis ..................................................................................................................................39

9.1 QRP ........................................................................................................................................................39

9.2 COD ........................................................................................................................................................39

9.3 MVP .......................................................................................................................................................39

9.4 PRD ........................................................................................................................................................39

10.0 Overview if the Quality Assurance Process.............................................................................................40

11.0 Author ....................................................................................................................................................40


2.0 Purpose of this Report – Disclaimer

The purpose of this report is to describe the process and considerations for the 1 July 2015 Valuation of Eurobodalla Shire. The report has been produced on behalf of the Valuer General. The land values have been specifically made for rating and taxing purposes. Land values produced as part of this process should not be used for any other purpose without the specific agreement of the Valuer General. Land values must have regard to specific requirements and assumptions in rating and taxing legislation. Consequently these valuations may vary from market levels. The land values have been determined using a methodology prescribed by the Rating and Taxing Valuation Procedures Manual. The Manual allows mass valuation methodologies that involve assessing large numbers of properties as a group to be utilised where appropriate. Mass valuation methodologies are by their nature likely to be less accurate than individually assessed valuations, however are utilised worldwide for rating and taxing purposes to deliver valuations within an acceptable market range. Town planning, land use and other market information contained in this report has been compiled based on enquiries undertaken during the valuation process. Third parties should make their own inquiries into these details and should not rely on the contents of this report. The Valuer General disclaims any liability to any person who acts or omits to act on the basis of the information contained in this report. More information on the valuation process is available from the Land and Property Information website at

www.lpi.nsw.gov.au/valuation.

http://www.lpi.nsw.gov.au/valuation


3.0 LGA Overview

3.1 Location of the District

Eurobodalla Shire stretches for approximately 110kms along the east coast of NSW from South Durras in the

north to Akolele at its southern boundary. The Shire extends in a westerly direction from the coast

encompassing parts of the Clyde Mountain then heads south through the National Parks and State Forest to the

Bega Valley Shire. Approximately 80% of Eurobodalla is National Park and State Forest.

The Eurobodalla Shire is a diverse community that includes pristine beach side communities, dairy & grazing

holdings, forest and bush properties and a mix of village areas and coastal hamlets. Strategically placed

throughout the shire are the major regional centres of Batemans Bay, Moruya and Narooma. These regional

hubs provide the community with centrally located service centres that cater to the needs of most residents.

Moruya is geographically central and as such provides the significant infrastructure of a hospital and associated

support services. The Shire’s only airport is located in Moruya providing commercial passenger flights twice

daily along with freight and recreational aviation services.

Batemans Bay is the largest regional centre within Eurobodalla and is located approximately 4 hours south of

Sydney and 2 hours east of Canberra.

The shire includes a mix of large working farms, small rural lifestyle holdings, low density single lot residential

development and medium density unit developments. There is no high rise or high density development across

any part of the shire. The medium density unit sites are isolated to suburbs surrounding Batemans Bay as well

as Narooma and a small quantity in Moruya.

3.2 Principal Towns

Batemans Bay:

Batemans Bay is situated at the mouth of the Clyde River and is the largest coastal community south of Nowra

on the southern NSW Coast. With its unspoilt coastline and close proximity to Canberra, the township and

surrounding communities are supported by a strong tourism industry. Batemans Bay is situated approximately

280kms south of Sydney, 140kms south east of Canberra and approximately 800kms northeast of Melbourne.

Moruya:

Moruya is the historical, administrative, and geographical centre of the Eurobodalla shire that runs from

Batemans Bay in the north to Tilba in the south. The township is positioned on the picturesque Moruya River on

the southern NSW Coast line approximately 305 kms due south of Sydney and 170 kms south east of Canberra.

Narooma:

Narooma is an established southern NSW coastal township situated approximately 65 kilometres south of

Batemans Bay and about 80 kilometres north of Bega. The area is attractive to both locals and tourists with its

pristine beaches and picturesque inlet. It is located approximately 700kms to Melbourne in the South, 220kms

to Canberra in the West and 350kms to Sydney in the north. North Narooma is similarly located to Narooma

being on the northern side of the inlet and utilising the same services.


3.3 Main Industries

The local economy within the Eurobodalla Shire has steadied over the 2014/2015 period after several difficult

years post GFC. Industry comprises a mix of retail and commercial/industrial that combine to offer support to

the tourism industry. Fisheries and associated industries contribute to the local economy, although this industry

has slowed in recent times due to fishing restrictions and tightening market conditions.

Due to the close proximity to major centres such as Canberra and Sydney, the Eurobodalla Shire continues to

embrace the transient nature of holidaymakers and absentee owners. These owners/visitors contribute

considerably to the economy during holiday periods.

The following table represents employment by industry sector in the Eurobodalla Shire. Note that data is taken

from the 2011 census provided by the Australian Bureau of Statistics.

3.4 Significant Retail Centres

The main retail centre for the Eurobodalla Shire is Batemans Bay, being the largest coastal township south of

Nowra, providing adequate amenity and secure blue chip providers such as Woolworths, Coles, Kmart and

Target Country.

2011 CensusIndustry Number Percentage

Agriculture, forestry and fishing 339 2.71%

Mining 45 0.36%

Manufacturing 609 4.86%

Electricity, gas, water and waste services 149 1.19%

Construction 1,368 10.92%

Wholesale trade 228 1.82%

Retail trade 1,857 14.82%

Accommodation and food services 1,449 11.56%

Transport, postal and warehousing 431 3.44%

Information media and telecommunications 184 1.47%

Financial and insurance services 188 1.50%

Rental, hiring and real estate services 228 1.82%

Professional, scientific and technical services 521 4.16%

Administrative and support services 414 3.30%

Public administration and safety 762 6.08%

Education and training 1,056 8.43%

Health care and social assistance 1,698 13.55%

Arts and recreation services 217 1.73%

Other services 523 4.17%

Inadequately described/Not stated 266 2.12%

Total 12,532 100.00%


3.5 Type of Residential Development

The Eurobodalla Shire is a diverse community that includes pristine beach side communities, dairy & grazing

holdings, forest and bush properties and a mix of village areas and coastal hamlets. Strategically placed

throughout the shire are the major regional centres of Batemans Bay, Moruya and Narooma. These regional

hubs provide the community with centrally located service centres that cater to the needs of most residents.

The shire includes a mix of large working farms, small rural lifestyle holdings, low density single lot residential

development and medium density unit developments. There is no high rise or high density development across

any part of the shire. The medium density unit sites are isolated to suburbs surrounding Batemans Bay as well

as Narooma and a small quantity in Moruya.

As sourced from Census Data, of occupied private dwellings in Eurobodalla (A) (Local Government Areas), 46.3%

were owned outright, 23.8% were owned with a mortgage and 25.8% were rented


4.0 State & Local Government Legislation for LGA

The Eurobodalla Shire Council’s Local Environmental Plan 2012 was gazetted on the 20th July 2012 which

fundamentally replaced the Eurobodalla Rural Local Environmental Plan 1987 and Eurobodalla Urban Local

Environmental Plan 1999. However, 888 properties still remain identified as ‘Deferred Matters’ and hence the

Eurobodalla’s LEPs 1987 & 1999 will continue apply to these properties, up until the Department of Planning &

Environment approved the planning proposals. A draft rural lands strategy is currently on exhibition until 27th

November 2015. The strategy proposes new zoning and minimum lots sizes for Eurobodalla’s rural lands,

allowing some owners to subdivide their rural property while protecting the Shire’s better agricultural land. The

Eurobodalla Shire Council are striving to have the final strategy adopted in February 2016 following the review

of submissions received. However, recent media releases confirms that land owners remain at large

despondent with the draft strategy.

The Eurobodalla LEP 2012 has had 4 amendments to the LEP since the precious valuation. The current version is

for 15 July 2015 to date.

The following Development Control Plans and Codes also apply for the Eurobodalla Shire:

Current DCPs

o Batemans Bay Regional Centre

o Bodalla Village

o Industrial Zones

o Moruya Township

o Narooma Township

o Neighbourhood Centres

o Nelligen Village

o Residential Zones

o Rural Subdivisions

o Tilba Villages and Conservation Area

Current Codes

o Advertisement and Notification Code

o Footpath Trading Code

o Interim Coastal Hazard Adoption Code

o Landscaping Code

o Moruya Floodplain Code

o Parking and Access Code

o Safer by Design Code

o Signage Code

o Site Waste Minimisation and Management Code

o Soil and Water Management Code

o Tree Preservation Code


Style Guides

o Moruya Residential Style Guide

The Eurobodalla Shire Council has development controls that affect the subdivision and erection of dwelling

which in turn affects property values.

Principal development standards under part 4 of the Eurobodalla LEP 2012 sets out the framework for

minimum lot sizes within the Eurobodalla LGA. This framework details minimum lots sizes which in some

zones including R5, E4 and Rural zonings are generally not restricted to the minimum lot sizes as detailed on

the Lot Size Map, but rather each zone and area meets the objectives of this clause under the LEP including

but not limited to the following:

1. Ensure that subdivision reflects and reinforces the predominant subdivision pattern of the area;

2. Ensure lot sizes and dimensions are able to accommodate development consistent with relevant

development controls;

3. Ensure that subdivision promotes effective land management practices and infrastructure

provision; and

4. Protect native vegetation, natural watercourses and habitats for threatened species and

populations, and endangered ecological communities.

4.1 Current Zonings

The zones adopted within the Eurobodalla Local Environmental Plan 2012 are as follows;

RU1 Primary Production SP1 Special Activities

RU3 Forestry SP2 Infrastructure

RU4 Rural Small Holdings SP3 Tourist

RU5 Village RE1 Public Recreation

R2 Low Density Residential RE2 Private Recreation

R3 Medium Density Residential E1 National Parks & Nature Reserves

R5 Large Lot Residential E2 Environmental Conservation

B1 Neighbourhood Centre E4 Environmental Living

B2 Local Centre W1 Natural Waterways

B4 Mixed Use W2 Recreational Waterways

B5 Business Development DM Deferred Matter

IN1 General Industrial Moruya Town Centre


5.0 Market Overview & Sales of Particular Interest

5.1 Residential

The larger townships within the Eurobodalla remain particularly reliant on the tourism industry. Both

residential and commercial property values and associated demand have a direct correlation to the health of

the tourism market. It has been positive to see the continued trend of BD 2014 has followed into 2015 with

improved economic situations compared to the prior few years which saw tough conditions as a result of the

GFC.

The upward swing and positivity within the residential market for both price and volume is a flow on effect from

record low interest rates, improved economic conditions, housing stimulus and supply meeting demand.

At the upper end of the residential property market, water front properties continue to remain in oversupply

however this appears to be less than prior years. As the year progressed new sales evidence of clifftop and

good quality ocean views properties came to light, providing differing market movements to that of the rest of

the residential market. Pockets of properties in areas such as, but not limited to Sunshine Bay, Surf Beach &

Malua Bay either in a clifftop position or that of good ocean views provided 5-10% decreases in land values and

hence properties values within these areas were reduced to reflect this.

The introduction of the State Governments Rising Sea Level Policy in 2010 compounded perceived problems

associated with the bureaucratic development approval process. Through 2011 there was sufficient anecdotal

evidence that vacant land values adjacent to waterways and the ocean were falling in value very quickly due to

the interpretation of the interim Sea Level Policy. The Policy has continued to effect values in BD 2015 however

it appears to have been less than prior years. Since the Stage Government pushed this issue back to local

councils in September / October 2012 the Eurobodalla Council in 2014 adopted an ‘Interim Coastal Hazard

Adaption Code’ until such time the Eurobodalla Coastal Zone Management Plan is completed. Council is

currently working with the State Government in preparing the Eurobodalla Costal Management Plan. Despite

this uncertainty, purchasers appear to be more comfortable with the policy than prior years, but are still taking

it into consideration when compared to properties not located in these areas. The issue however continues to

make headlines within the media and receives negative community backlash from property owners whom are

of the belief that property values have significantly be affected.

Overall, residential values for BD 2015 have provided a 2.23% increase in total values when compared to BD

2014. It was positive to see increased demand and a higher volume of sales continue throughout 2015. The

below graph of vacant land sales (excluding commercial & industrial) demonstrates that the median price

remained ready at $145,000 during the past 12 months. This is also the third consecutive year that the volume

of sales has increased. This has enabled the market to steady in BD 2015 with some slight increases across some

areas.

(Note: All sales relied upon are genuine market transactions and exclude any non-arm’s length transactions

Searched Sales dates 01-09-2014 to 30-09-2015.)


The Eurobodalla residential market remains divided into 3 price brackets. The lower end of the market, being

less than $350,000 catering to first home buyers, unit investors and the lower end of the socio economic

demography. This sector of the market continues to trade well. Local residents and newly formed households

continue to achieve finance and most properties tend to settle at listed prices or within <10% and within 3 - 6

months of listing.

The middle price bracket of between $350,000 and $500,000 has seen a reasonable volume of sales with

steadying values in BD 2015. Over the past 5 years, a large percentage of listed stock was owned by interstate

investors who sought to off load their investments and consolidate which saw values decrease during 2008-

2012. However throughout BD 2015 we have seen larger volumes of sales and prices steady.

The upper end of the market, $500,000+, similarly remains flat however caters more to interstate investors

seeking a comparatively cheap purchase with the benefit of waterfront that is unachievable for this price in the

major cities. Properties at the top end of the residential market continue to be listed, however, concluded sales

in this price bracket are slow. Most properties in this bracket remain tightly held and remain highly prized,

however, these properties are still proving difficult to sell.

In summary, properties at the lower end of the market continue to trade comparatively well with land values

remaining either static or providing small increases. The middle sector of the market has also improved with

increased volume and steady values or some slight increases. The upper end continues to trade within 6-9

months albeit at lower pricing levels than prior to the GFC. Land values in this upper range have remained

relatively steady through the past 12 months with the exception of some clifftop and waterfront pockets as

previously mentioned. Overall values appear to have only incurred slight increases in BD 2015 which is a result

of the higher volume of sales. We expect that sales volumes may decrease slightly in 2016 as a result of the

recent slowdown of the Canberra and Sydney markets however prices are likely to remain steady.

0

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2010/11 2011/12 2012/13 2013/14 2014/15

Euroboalla Vacant Land Sales

Median

No. of Sales


5.2 Villages

The Eurobodalla Shire has three Village townships which include Nelligen, Bodalla and Tilba Tilba with

approximately 308 properties in total.

Village land values provided a positive 4.71% increase, being the largest increase out of all property sectors for

the year. This is however, is not surprising considering the increased levels of sales for BD 2015 (17) compared

to the prior (7). Generally speaking, properties within the Village zones are thinly traded and hence prior year’s

values have remained relatively steady. The increased sales volume is not unusual when you consider the

widespread of increase volumes across the shire. The majority of sales transacting were improved and reflective

of the age and quality of the dwelling / improvements.

5.3 Commercial & Industrial

A large portion of the commercial components were verified during base date 2015 which resulted in a small

reduction in total values however as a whole the commercial sector in the major townships i.e. Batemans Bay,

Moruya and Narooma have seen values steady. The falling values as a result of the GFC appear to have slowed

with sufficient sales and leasing activity showing a steady market in general. In the entire shire there have been

14 business zoned Freehold Torrens Title sales and 16 Strata sales in the past year. The highest price for a

Freehold property was $3,330,000 and a Strata property at $910,000. The majority of the sales occurred within

the Batemans Bay and Narooma townships.

Demand for the “developer” based sector of the market, i.e. englobo residential sites, commercial development

and multi unit site developments, remains near non-existent. Due to financial institution imposed decreasing

loan to value ratios, increased pre-commitment requirements and the lack of second tier financing

opportunities, many larger proposed developments have fallen into “Mortgagee in Possession” or are at a stage

whereby financing costs are eroding land values and profits faster than the market can absorb the end product.

Englobo commercial/industrial sites continue to see little demand due to negative sentiment, lack of end

purchasers, falling tourism demand and reducing market liquidity. Prime location commercial yields on a vacant

possession basis are at much lower levels than prior to the GFC. Well tenanted properties in good locations

with continuing tenure have seen some activity recently and are the only commercial property sector that

appears to be seeing demand.

Typical well positioned industrial properties are currently returning around 7.0% with retail being between 6.0%

and 8.0% subject to the quality and tenure of the tenancy, consumer confidence and market demand. Both the

commercial and industrial markets are expected to remain mostly flat for the next 12 months with some

possible increases in value, albeit only slight.

For the short term future, the only properties in the development sector to trade will mostly be purchased by

large entities with capacity to land bank until funding eases, consumer confidence returns and market forces

achieve equilibrium. The outlook for the development sector over the next 2 – 3 years is steady.


5.4 Rural

The rural market along the southern NSW coastline is divided into 2 distinct categories – “Lifestyle” and

“Working” properties. “Lifestyle” properties generally comprise R5 and smaller coastal positioned RU4

holdings. This part of the market continues to trade with a permanent part of the employed and retired

population opting to reside close to suburbia with the benefits of a rural lifestyle.

The rural market has remained steady with some areas seeing slight increase in value. The larger properties

have seen a very low volume of sales with only 2 properties above 100ha selling across the Shire and 6

properties between 50ha and 100ha. Albeit, a low transaction rate it should be noted that these numbers are

an increase on the prior 12 months.

Rural small holdings properties have seen been pockets of growth and increasing demand attributing to the

increase of 2.13% in property values for the 2-10 ha property sector for the shire. A total of 63 genuine market

sales transacted during base date 2015.

Smaller R5 properties close to built environment continues to trade at a pace that is slower than that of

medium priced residential. Vacant R5 zoned parcels are trading at similar levels compared to improved

properties due to the level of oversupply and associated reduced prices versus improved listed for sale.

Areas of oversupply continue to trade, albeit slower than those areas whereby supply meets demand and

maintains equilibrium. Both the northern and southern bounds of the Eurobodalla Shire have areas of

oversupply of vacant rural residential land. The amount of land currently available for release is estimated to be

about 10 years of supply. Despite this the past 12 months has seen an increased volume of sales which has

steadied values. We cannot foresee large increases in value in the coming years due to the large amount of

supply however it is evident that values have steadied.

Improved rural/residential small holding property prices have mostly seen slight increases over the past 12

months. Average to poor quality improved R5 properties in the lower demand areas have been purchased

mostly by first home buyers which has translated into a stabilizing of values at the lower end of the pricing

bracket. This stabilizing has flowed on to the next pricing bracket which has seen most values range from a 0-

5% movement over the previous year. The big exception to this has been the development in North Batemans

Bay known as “Bayridge” in which the developer has decided to exit the project as quick as possible and has

drastically reduced prices over the past 24 months including adjusting lot sizes and subdivision design.

It is anticipated that those rural properties in close proximity to urban development or with redeeming features

will continue to hold existing values subject to the release of further subdivision land. Those properties located

further from town, in areas of oversupply and or without views will continue to see longer marketing periods

however should have steadying values.

“Working” rural properties remain tightly held. Global and national economic conditions appear to have had

little effect on this class of property. Most of the properties in this category have been traditionally held within

the same family for generations and as such, do not trade on the open market very often. Very isolated parcels

located 30+kms from towns with poor quality soils and limited commercial application trade at low value on a

moderately consistent basis. This part of the market is possibly more aligned to lifestyle occupation rather than

commercial application.

For those properties with established orchards, crops and/or agricultural/farming application, market values

have not changed markedly.


6.0 Significant Issues & Developments

6.1 Significant Issues – From Prior to Current Annual Valuation:

The take up of vacant land has improved in BD 2015 however there the Shire still has an abundance of

residential and rural-residential supply. The slowdown over the past few years has placed considerable pressure

on developers and investors alike. As financial institutions continue to place greater pressures on developers,

there is a continuing decrease in demand for this type of development opportunity.

As the Eurobodalla Shire is reliant on tourism, the GFC had a direct impact on the health of the local economy

through changes in retail trade. With falling trade, owners had to reduce rentals to retain tenants. This saw

commercial values decrease from 2008-2012. In late 2013 the economic condition began to improve slightly

which continued throughout 2014 and into 2015. This is not a boom situation but rather a better situation than

prior. As a result commercial values appear to have steadied and the decline has ceased.

In summary, the commercial market has steadied while the development markets is still fairly depressed. It

should however be noted that there has been some positive signs in the standard residential market with larger

volumes of sales occurring over the past 12 months. We expect that sales volumes may decrease slightly in 2016

as a result of the recent slowdown of the Canberra and Sydney markets however see prices across the market

remaining steady. We have also seen some renewed interest in smaller residential development projects of

apartments and townhouses.

6.2 Significant Developments – From Prior to Current Annual Valuation:

Bunnings, Batemans Bay:

Bunnings acquired multiple adjoining properties through 2014 in the Batemans Bay industrial area

fronting the Princes Highway and receiving other access off Cranbrook Road and Sharon Road. The

development of this site was completed in mid-2015 and is now in operation.

13A Orient Street, Batemans Bay:

A waterfront development application which includes 10 residential units, a commercial shop and kiosk.

Construction has not yet commenced.

Expansion to Batemans Bay CBD planned for completion by June 2017

About $6 million will be spent on works to upgrade the Bridge Plaza and expand its car park by 80 spaces.

The plans include a new entry to the facility located on Perry Street, some additional retail spaces and

redevelopment of land where the Clyde River Motel is currently located. The former Ned Kelly Bargains

building and the area behind Batemans Bay Locksmiths will also be part of the development.

Upgrades to Batemans Bay paving and streetscape

Eurobodalla Shire Council have allocated $500,000 for 2015-16 and proposes $750,000 to be spent in

2016-17 for upgrades to Orient Street, from North Street to Beach Road, and the south end of North

Street, from Perry Street to Orient Street. The improvements to streetscape may include upgrading

footpaths, road resurfacing, landscaping and new street furniture. Council has also budgeted $50,000 for

works to the paving and streetscape at Clyde Street, between North Street and Beach Road.


Redevelopment of Batemans Bay Marina

The revamping of Batemans Bay Marina is due to be completed by November. There will be a new retail

complex, carpark, boat storage, additional boat mooring arms and a new restaurant and café.

Council has set a plan and budget for Moruya Airport

In May 2015, Eurobodalla Shire Council endorsed a masterplan for Moruya Airport. Council recently

adopted its 2015-16 budget that includes $1.76 million allocated to Moruya Airport. The budget assigned

includes $1.4 million for a redevelopment, $130,000 for a terminal upgrade, $120,000 for an aircraft

holding area, $56,956 for runway maintenance and a $20,000 car park upgrade.

According to Eurobodalla Mayor Lindsay Brown there has been much interest in the development of the

Moruya Airport site. Council is seeking to attract developers to construct new commercial premises and

for aviation-related business like airfreight or aircraft services to offer greater employment in the region.


7.0 Significant Value Changes

7.1 Significant Value Changes – From Prior to Current Annual Valuation

Land values that resulted in substantial changes in valuation parities or unusually large value variations from the last valuations have been checked and are correct, with 23 properties having a land value ratio of < 0.5 and > 2.00 can be found below with the relevant explanations. Value changes have occurred more consistently over the past year since the previous general valuation.


8.0 Paired Sales Analysis

As part of the verification process, land values of both vacant and improved properties were analysed to the

market. Samples of paired sales analysis are listed below;


Vacant Land Sale

Address 20 Courtenay Crescent, Long Beach

Sale Price $127,000

Area 600 sqm

Contract Date 10/09/2014

Comments

The property comprises a cleared regular shaped internal parcel which

has a moderate slope that falls to the rear with a moderate cross fall. It

receives a north-easterly outlook to the street with local views and is level

with the roadway. The property is located in a residential area and has

easy access via a bitumen roadway. The property has standard residential

services available. Approximately 1-5kms to local schools and shops. R2

Low Density Residential zoning.

Environmental issues: none readily apparent.

Improved Sale

Address 49 Courtenay Crescent, Long Beach

Sale Price $423,000

Area 664.2 sqm


Comments

The property comprises an irregular shaped internal parcel which has a

moderate slope that falls to the rear with a gentle cross fall. It receives a

southerly outlook to the street with local views and is on the low side of

the street. The property is located in a residential area and has easy

access via a bitumen roadway. The property has standard residential


Low Density Residential zoning. Environmental issues: bushfire prone area.

Description & Value of

Improvements

The improvements comprise a c. 2000's conventional single storey

dwelling of brick and tile construction, including 4 bedrooms and 2

bathrooms. The dwelling is generally in very good condition internally and

very good condition externally. Property features an attached double

garage, good landscaping with established gardens, paths and paving,

concrete driveway and boundary fencing.

Sale Price $423,000

Less Land Value $127,000

Less Improvement Values

Attached Double Garage

(35sqm) $20,000

Ancillary Improvements as

noted above $35,000

Dedcued Value for House

170 SQM $241,000

$1,418

PAIRED SALES ANALYSIS

Indicates a range of between $1,200/m2 and $1,400/m2 a conventional single storey dwelling of brick and

colorbond construction (circa 2000's) and a good level of finishes.


Vacant Land Sale

Address 76 Berrima Parade, Surfside

Sale Price $132,500

Area 948.5 sqm


Comments


moderate to steep slope that falls to the rear with a gentle cross fall. It

receives a south-westerly outlook to the street with bushland views to the

rear and is on the high side of the street. The property is located in a

residential area and has easy access via a bitumen roadway. The property

has standard residential services available. Approximately 1-5kms to

local schools and shops. R2 Low Density Residential zoning.


Improved Sale

Address 65 Berrima Parade, Surfside

Sale Price $343,000

Area 556 sqm


Comments

The property comprises a regular shaped internal parcel which has a

moderate slope that falls to the rear with a gentle cross fall. It receives a

NE outlook to the street with low set local views and is level with the

roadway. The property is located in a residential area and has easy access

via a bitumen roadway. The property has standard residential services

available. R2 Low Density Residential zoning. Environmental issues: none

readily apparent.


Improvements

The improvements comprise a c. 1990's conventional part two storey

dwelling of brick and colorbond construction, including 3 bedrooms and 1

bathroom. The dwelling is in good condition internally and good condition

externally. Property features an attached single garage, covered rear

timber verandah, good landscaping with established gardens, under house

storage, concrete paths and paving, concrete driveway and partial

boundary fencing

Sale Price $343,000



Attached Single Garage (20

sqm) $15,000

Covered timber verandah $20,000


noted above $20,000


120 SQM $155,500

$1,296


Indicates a range of between $1,000/m2 and $1400/m2 a c. 1990's conventional part two storey dwelling of

brick and colorbond construction in good condition.


Vacant Land Sale

Address 77 Country Club Drive, Catalina

Sale Price $65,000

Area 609 sqm


Comments

The property comprises a slightly irregular shaped internal parcel which

has a gentle slope that rises to the rear. It receives a NW outlook to the

street with local views and is on the high side of the street. The property is

located in a residential area and has easy access via a bitumen roadway.

The property has standard residential services available.R2 Low Density

Residential zoning. Environmental issues: none readily apparent

Improved Sale

Address 85 Counrty Club Drive, Catalina

Sale Price $210,000

Area 596.5 sqm


Comments

The property comprises an irregular shaped corner parcel which has a

gentle slope that rises to the rear with a gentle crossfall. It receives a NW

outlook to the street with local views and is on the high side of the street.

The property is located in a residential area and has easy access via a

bitumen roadway. The property has standard residential services

available. Approximately 1-5kms to local schools and shops. R2 Low

Density Residential zoning. Environmental issues: none readily apparent.


Improvements



bathrooms. The dwelling is in good condition internally and average

condition externally. Property features attached single garage, covered

rear deck, covered front verandah, average landscaping with established

gardens, paths and paving, concrete driveway and partial boundary

fencing.

Sale Price $210,000




sqm) $10,000

Covered front verandah $5,000

Covered rear deck $5,000


noted above $15,000


95 SQM $110,000

$1,158


Indicates a range of between $1,000/m2 and $1,300/m2 a c. 1980's conventional single storey dwelling of

brick and colorbond construction in good condition internally & average externally.


Vacant Land Sale

Address 30 Kauzal Crescent, Surf Beach

Sale Price $187,000

Area 5,482 sqm


Comments


has a gentle slope that rises to the rear. It receives a NW outlook to the

street with local views and is on the high side of the street. The property is


The property has standard residential services available.R2 Low Density

Residential zoning. Environmental issues: none readily apparent

Improved Sale

Address 2 Kauzal Crescent, Surf Beach

Sale Price $500,000

Area 5,121 sqm


Comments


moderate slope that rises to the rear with a moderate cross fall. It receives

a SW outlook to the street with high set local views and is on the high side

of the street. The property is located in a residential area and has easy



Large Lot Residential zoning. Environmental issues: bushfire prone area.


Improvements



bathrooms. The dwelling is in good condition internally and good

condition externally. Property features a detached double garage, covered

front and rear around verandahs, good landscaping with established

native gardens, rain water tank, brick paths and paving, concrete driveway

and post & wire fencing.

Sale Price $500,000



Detached Double Garage (60

sqm) $25,000

Front & rear verandah $15,000


noted above $25,000


225 SQM $248,000

$1,102



brick and colorbond construction and an good level of finishes.


Vacant Land Sale

Address 16 Rosemary Close, Malua Bay

Sale Price $147,500

Area 1096 sqm


Comments

The property comprises a partially cleared irregular shaped internal

parcel which has a moderate slope that rises to the rear. It receives a

northerly outlook to the street with local views and is on the high side of

the street. The property is located in a residential area and has quiet road,

kerb and gutter access via a bitumen roadway. The property has standard

residential services. R2 Low Density Residential zoning. Environmental

issues: none readily apparent however potential for some bushfire issues.

Improved Sale

Address 14 Rosemary Close, Malua Bay

Sale Price $442,500

Area 1350 sqm


Comments


moderate slope that rises to the rear with a moderate cross fall. It receives

a NW outlook to the street with high set bushland views and is on the high

side of the street. The property is located in a residential area and has

easy access via a bitumen roadway. The property has standard residential


Low Density Residential zoning. Environmental issues: bushfire prone area.


Improvements

The improvements comprise a c. 2000's conventional part two storey


bathrooms. The dwelling is in very good condition internally and good

condition externally. Property features an attached double garage, front

and rear verandahs, basic landscaping, rain water tank, concrete paving,

concrete driveway and colorbond boundary fencing.

Sale Price $442,500



Attached Double Garage (40

sqm) $25,000

Front & rear verandah $15,000


noted above $20,000


190 SQM $235,000

$1,237


Indicates a range of between $1,200/m2 and $1,400/m2 a c. 2000's conventional part two storey dwelling of

brick and tile construction in good condition.

Vacant Land Sale

Address 119 Hawdon Street, Moruya

Sale Price $155,000

Area 1373 sqm


Comments


gentle slope that rises to the rear with a gentle cross fall. It receives an

easterly outlook to the street with good local rural views to the west and is

on the high side of the street. The property is located in a rural residential

area and has easy access via a bitumen roadway. The property has

standard residential services available. R5 Large Lot Residential zoning.


Improved Sale

Address 75 Hawdon Street, Moruya

Sale Price $398,000

Area 1031 sqm


Comments

The property comprises a regular shaped corner parcel which has a gentle

slope that rises to the rear. It receives a easterly outlook to the street front

with local views and is on the high side of the street. The property is


The property has standard residential services. R2 Low Density Residential

zoning. Environmental issues: asbestos materials possibly used in

construction.


Improvements

The improvements comprise c. Pre 1950's original two storey dwelling of

timber weatherboard and colorbond construction (partially renovated

2010's), including 3 bedrooms and 2 bathrooms. The dwelling is in good

condition internally & average condition externally. Property features a

detached double garage, multiple verandahs and an outdoor entertaining

area, average landscaping with established gardens, detached shed/sleep

out, solar panels, concrete driveway, paths & paving and boundary

fencing.

Sale Price $398,000



Detached Double Garage (35 sqm) $10,000

Multiple verandahs & outdoor

entertaining area $15,000

Ancillary Improvements as noted

above $25,000


170 SQM $193,000

$1,135


Indicates a range of between $900m2 and $1,300/m2 a c. Pre 1950's original two storey dwelling of timber

weatherboard and colorbond construction (partially renovated 2010's) in good condition internally & average

condition externally.


Vacant Land Sale

Address 120 Princes Highway, Bodalla

Sale Price $118,350

Area 1922 sqm


Comments


gentle slope that falls across to the rear with a gentle crossfall. It receives

a westerly outlook to the street with local views and is on the low side of



services available. It is less than 1km to local schools and shops. RU5

Village zoning. Environmental issues: busy road

Improved Sale


Sale Price $165,000

Area 1328 sqm


Comments


gentle slope that falls to the rear with a moderate cross fall. It receives a

SW outlook to the street with local views and is level with the roadway.



available. It is less than 1km to local schools and shops. RU5 Village


construction.


Improvements

The improvements comprise a c. Pre 1950's original single storey dwelling

of weatherboard and timber and corrugated iron construction, including 2

bedrooms and 1 bathrooms. The dwelling is in poor condition internally

and poor condition externally. Property features a detached single garage,

basic landscaping, concrete paving, partial concrete driveway and timber

pail boundary fencing.

Sale Price $165,000



Detached Single Garage (25

sqm) $5,000


noted above $10,000


95 SQM $31,650

$333


Indicates a range of between $300/m2 and $700/m2 a a c. Pre 1950's original single storey dwelling of

weatherboard and timber and corrugated iron construction in poor condition.

Vacant Land Sale

Address 1 Jersey Rd, Moruya

Sale Price $125,000

Area 751 sqm


Comments


moderate slope that falls to the rear. It receives a northerly outlook to the

street with local views and is on the low side of the street. The property is


The property has standard residential services available. Approximately 1-

5kms to local schools and shops. R2 Low Density Residential zoning.


Improved Sale

Address 12 Heffernan Pl, Moruya

Sale Price $307,500

Area 921 sqm


Comments

The property comprises a regular shaped internal parcel which has a soft

slope that rises to the rear. It receives a northerly outlook to the street with

local views and is level with the roadway. The property is located in a

residential area and has easy access via a bitumen roadway. The property

has standard residential services available. Approximately 1-5kms to

local schools and shops. R2 Low Density Residential zoning.



Improvements



bathroom. The dwelling is in good condition internally and good condition

externally. Property features attached single garage, front porch and rear

covered outdoor entertaining area, detached colorbond garage/workshop,

average landscaping with established gardens, concrete paving, concrete

strip driveway and boundary fencing of mixed materials.

Sale Price $307,500



Attached single garage (20 sqm) $10,000

Multiple verandahs and outdoor

entertaining areas $15,000

Deatched garage / workshop $15,000

Ancillary Improvements as noted

above $20,000


110 SQM $122,500

$1,114


Indicates a range of between $900/m2 and $1300/m2 ac. 1980's conventional single storey dwelling of brick

and colorbond construction, in good condition.


Vacant Land Sale

Address 95 Cooge Street, Tuross Head

Sale Price $113,000

Area 700.3 sqm


Comments


moderate slope that rises to the rear. It receives a north-easterly outlook

to the street with distant, tree fi ltered lake and ocean views and is on the

high side of the street. The property is located in a residential area and

has easy access via a bitumen roadway. The property has standard

residential services available. Approximately 1-5kms to local schools and

shops. R2 Low Density Residential zoning. Environmental issues: none

readily apparent.

Improved Sale

Address 85 Cooge Street, Tuross Head

Sale Price $262,000

Area 702.7 sqm


Comments


moderate slope that rises to the rear with a gentle cross fall. It receives a

NE outlook to the street with distant ocean and lake views and is on the

high side of the street. The property is located in a residential area and

has easy access via a bitumen roadway. The property has standard

residential services available. Approximately 1-5kms to local schools and

shops. R2 Low Density Residential zoning. Environmental issues: none

readily apparent.


Improvements

The improvements comprise a c. 1970's conventional two storey dwelling

of concrete block, hardiplank and tile construction, including 3 bedrooms

and 1 bathroom. The dwelling is generally in average condition internally

and average condition externally. Property features attached single

garage, front verandah and porch, basic landscaping, concrete paving,

concrete strip driveway and boundary fencing.

Sale Price $262,000




sqm) $15,000

Front Porch & verandah $10,000


noted above $15,000


120 SQM $109,000

$908


Indicates a range of between $850/m2 and $1,200/m2 ac. 1970's conventional two storey dwelling of

concrete block, hardiplank and tile construction in average condition.


Vacant Land Sale

Address 13 Sunnyside Crescent, Kianga

Sale Price $130,500

Area 638 sqm


Comments


has a moderate slope that falls to the rear. It receives a NE outlook to the

street with elevated local views and distant ocean views to the south east

and is on the low side of the street. The property is located in a residential

area and has easy access via a bitumen roadway. The property has

standard residential services available. R2 Low Density Residential zoning.

Environmental issues: none readily apparent.The improvements comprise

of partial boundary fencing.

Improved Sale

Address 55 Montague Avenue, Kianga

Sale Price $340,000

Area 556 sqm


Comments


moderate slope that falls across the property. It receives a SE outlook with

high set distant ocean views and is on the low side of the street. The

property is located in a residential area and has easy access via a

bitumen roadway. The property has standard residential services. R2 Low

Density Residential zoning. Environmental issues: none readily apparent.


Improvements



bathrooms. The dwelling is in average condition internally and average

condition externally. Property features attached tandem garage, verandah,

outdoor entertaining area & sun deck, average landscaping, exposed

aggregate driveway and boundary fencing.

Sale Price $340,000



Attached Tandem Garage (35

sqm) $11,000

Front Verandah $6,000

Outdoor entertaining & sun

deck $18,000


noted above $15,000


110 SQM $159,500

$1,450



brick and tile construction in average condition.


Vacant Land Sale


Sale Price $118,350

Area 1922 sqm


Comments


gentle slope that falls across to the rear with a gentle crossfall. It receives

a westerly outlook to the street with local views and is on the low side of



services available. It is less than 1km to local schools and shops. RU5

Village zoning. Environmental issues: busy road

Improved Sale


Sale Price $165,000

Area 1328 sqm


Comments


gentle slope that falls to the rear with a moderate cross fall. It receives a

SW outlook to the street with local views and is level with the roadway.



available. It is less than 1km to local schools and shops. RU5 Village


construction.


Improvements

The improvements comprise a c. Pre 1950's original single storey dwelling

of weatherboard and timber and corrugated iron construction, including 2

bedrooms and 1 bathrooms. The dwelling is in poor condition internally

and poor condition externally. Property features a detached single garage,

basic landscaping, concrete paving, partial concrete driveway and timber

pail boundary fencing.

Sale Price $165,000



Detached Single Garage (25

sqm) $5,000


noted above $10,000


95 SQM $31,650

$333


Indicates a range of between $300/m2 and $700/m2 a a c. Pre 1950's original single storey dwelling of

weatherboard and timber and corrugated iron construction in poor condition.


9.0 Statistical Analysis

Throughout the past 12 months our office has continued to review and monitor relevant statistics within the

market place. Many of these items were discussed in our Valuation Analysis Report providing feedback on

statistical anomalies as well as error checking queries resulting from anomalies in values.

9.1 QRP

There are 50 components within Eurobodalla Shire that have a QRP greater than 50% on either LV quantum or

rate/area. All QRP’s in the Eurobodalla Shire have been reviewed with attention paid to those falling outside the

50% criteria. It is to be noted that all components in the Eurobodalla Shire with QRP’s greater than 50% can

attribute their variations to the non-homogenous nature of the areas in which they are located.

The components in our area that are outside the 50% QRP have an overview completed prior to final values

being uploaded to ensure the land values are correct. In addition to this, any sales within these components are

thoroughly reviewed and checked. The extra emphasis placed on the analysis of these sales is because the land

values in these components are often reliant on a small number of sales. The overview comprises:

1. Higher than normal critical checking of analysed sales; 2. Extensive grading of properties surrounding sales; 3. Valmap thematic overlay checks on a $/ha basis for rural properties and $/lot basis for residential areas

to ensure consistency; and 4. Valmap mapping & review of components to ensure properties are reflective of the component they

are located in (ie checking zoning, site area, location etc).

9.2 COD

All components for BD 2015 fall within the statistical requirements in accordance with Procedures Manual 6.6.2.

The standard required for COD is a result equal to or less than 10% for residential zones and 15% for all other

zones.

9.3 MVP


The standard required for MVP is a result between 90% and 100%.

9.4 PRD


The standard required for PRD is a result between 0.98 and 1.03.


10.0 Overview if the Quality Assurance Process

Opteon (South Coast NSW) has a strong and focused commitment to providing quality in service provision.

The following has been provided in addition to our Quality Statement in our Valuation Analysis Report.

Verified Land Values fall within set Quality Assurance parameters.

All Risk 1 properties have been thoroughly reviewed and verified to BD 2015.

All properties where the land value has been amended on objection or re-ascertainment have been checked. Objection data made available to us has been confirmed and checked against future values for Base Date 01/07/2015.

All statutory concession valuations and allowances have been supplied.

Statistical analysis checks have been undertaken. Explanatory notes have been provided in the Valuation Analysis Report where required.

Land values have been compared to sale prices and adjusted land values have been extrapolated. Anomalies have been addressed.

11.0 Author

Calvin Rogers is the author of this report.

Documents

Final Report 2015 · 2017-01-17 · Opteon Property Group Opteon (South Coast NSW) ABN 37146336530 P 02 4472 9904 E [email protected] F 02 4472 9055 W VALUE MADE VISIBLE Liability